RRSP Savings Account | Investments

No risk, more reward

Save for your future easily with high interest rates

A high interest registered retirement savings plan helps you save with great interest rates. It’s risk-free, and there’s no minimum balance needed.

Great interest rates

No minimum deposits or balances needed to open your account

Risk-free: your principal and interest are always guaranteed

Ready to open an RRSP account?

You can apply by logging onto your online banking or call us at 1-888-723-8881.

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Interest Rates

Daily Balance

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Interest is calculated on the daily closing balance and is paid into your account monthly.
Rates subject to change.

Tools and resources

About our RRSPs

It’s a simple way to save for your future—it’s a plan that lets you get your money together for retirement and helps provide funds to live out your dreams once you do.

The best way to plan for retirement is to see what you can do now. The most you can contribute to your RRSP annually is 18% of your prior year’s qualifying earnings (look at your Canada Revenue Agency Notice of Assessment for the current tax year's amount), plus any unused RRSP contribution from prior years, and less any applicable pension adjustment.
Tax Benefits

A lot of Canadians choose to invest in RRSPs because of the tax benefits:

Tax reduction now: It reduces your taxable income, which can even result in a tax refund (which you can put into your RRSP if contribution room is still available or save or use it however you want).

Tax-sheltered growth: It makes a big difference on your savings rather than investing outside. Your RRSP and the income it earns are sheltered from tax as long as the money stays in the plan. But, RRSP assets will be taxed when withdrawn from your plan at the marginal tax rate (your highest tax bracket) at that time.

TFSA vs RRSP

	RRSP	TFSA
Purpose	Designed to provide income after you retire.	Designed to help you save money for a wide range of goals − not just retirement.
Minimum/Maximum Age Requirement	No minimum age requirement to open, as long as you've earned income and filed a tax return. Must be closed by December 31 in the year you turn 71.	Must be 18 years of age to open. There is no maximum age restriction to close an account.
Tax Deduction	Contributions are tax-deductible, but when you withdraw any funds the amount is taxable.¹	Contributions are not tax-deductible, but all the interest and income earned is tax-free. Any money you withdraw is tax-free too.²
Contribution Limits	Percentage of previous year's earned income, plus previously unused contribution room, less any pension adjustment. You can carry forward any unused amount to the following year or any year after that. Generally, amounts withdrawn cannot be re-contributed (other than under the Home Buyers' Plan or Lifelong Learning Plan)	The government has set a TFSA dollar limit of $5,500 in 2017. You also can contribute up to the amount of any unused contribution room from previous years. The amount you can contribute is not based on income. Amounts withdrawn (excluding amounts withdrawn because of an over-contribution) may be re-contributed starting the year after the withdrawal.
Over-contributions	Over-contributions are assessed a 1% penalty per month.^3,4	Over-contributions are assessed a 1% penalty per month.^3,4
Interest Income	Not taxed until withdrawn.	Not taxed.
Withdrawals	Included in income and fully taxable at your marginal tax rate in the year withdrawn.	Not included in income and are tax-free. Any amount withdrawn (other than due to over-contribution) is added to contribution room the next year.
Government Benefits	Withdrawals are considered as income and may impact amounts you receive from income-tied government benefits or credits.	Withdrawals are not considered as income and do not impact amounts you receive from income-tied federal government benefits or credits.

Simplii Financial is a division of CIBC, a CDIC member
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Investments
RRSP Savings Accounts

No matter what you’re saving for, it’s easier with Simplii™

No risk, more reward

Ready to open an RRSP account?

Interest Rates

Tools and resources

Have questions?

Investments RRSP Savings Accounts

No matter what you’re saving for, it’s easier with Simplii™

No risk, more reward

Ready to open an RRSP account?

Interest Rates

Tools and resources

Have questions?

Investments
RRSP Savings Accounts